IMF Modernization: Meeting the New Challenges of Today's World Economy

US Treasury Under Secretary for International Affairs David McCormick presented his views on IMF reform at the Peterson Institute, February 25, 2008. McCormick stressed that, in order to remain relevant, the Fund must revitalize and adapt its mission as well as overhaul its governance structure to reflect the realities of the modern world.

This issue has been at the forefront of the global economic agenda for the past two years, with former Managing Director Rodrigo de Rato developing and pursuing a reform strategy and current Managing Director Dominique Strauss-Kahn expected to unveil his own plans in that vein soon.

David McCormick has been Under Secretary of the Treasury for International Affairs since August 2007. He was previously Deputy National Security Advisor to the President for International Economic Affairs and US sherpa for the G8 Summits. Mr. McCormick also served as Under Secretary of Commerce for Export Administration and later as Under Secretary of Commerce for Industry and Security. He previously was President of FreeMarkets and Ariba, two software companies in Pittsburgh. He is a former Army officer and a veteran of the first Gulf War.